Did you know that an electronic invoice is digital throughout its entire lifecycle? That means the creation of the document, sending of the document, payment of the invoice, and all financial related aspects of the bookkeeping and accounting that take place are through a computer-based system from start to finish. That being stated, electronic invoicing is different than digital invoicing, which is basically a paper invoice that has been digitized. Electronic invoices are far superior to paper invoices simply because they remove the manual process from the equation.
Humans do not need to transfer the information from the invoices to accounting records. Instead, the process is completely computerized. The following information will provide you with even more benefits of electronic invoicing.
Electronic Invoicing Saves Money
First and foremost, using an electronic invoicing system will save your organization a tremendous amount of money each year, which will help increase the bottom line. For example, you will no longer need to pay for all of that paper that the traditional invoices are printed on. It will also save you a significant amount of money is postage because you do not need to snail mail electronic invoices. Speaking of snail mail, your customers receive their electronic invoices as soon as you hit the button, which means they will typically pay you faster. This is a particularly handy feature for organizations that suffer from cash flow issues. Additionally, payment reminders can save an Organization thousand of dollars in late fees alone.
Electronic Invoicing Is Significantly More Efficient
Just imagine if you could automate your tasks at home. How much easier would your life be if the dishes washed themselves? The same holds true at work. When you automate a process, it makes things better and more convenient altogether. Automating the invoicing process is one way to accomplish this. Electronic invoicing systems can be set up to send out recurring bills automatically. That means you don’t even need to think about sending out the bills, it just happens by clicking on your mouse or tapping a button on your screen. In addition, electronic invoices stream directly back into your accounting system. That all but eliminates the costly and time-consuming data entry process.
Electronic Invoicing Is Far More Accurate
Electronic invoices are typically more accurate than both paper and digitized invoices. This is because human error is removed from the equation. For example, there are fewer steps involved in the process, which of course reduces the chances of making mistakes. When a worker is responsible for both data entry and data transmission there are three (3) stages where mistakes are made. They include invoice creation, customer payment, and data entry. However, the only area where a mistake can be made in the electronic invoicing process is at the point of invoice creation.
Please contact us today for more information about electronic invoicing and how our electronic document solutions can help your organization. NeoLedge is a well-established, yet fast growing electronic document management company that has a global reach. The business was founded in France over 25 years ago by a team of entrepreneurs that truly believe innovation is a living and breathing process that pushes us to find better ways to help organizations perform.
That principal has served us well through the years, as we are now a recognized throughout the world as a groundbreaking leader in the cloud-based software industry. We are incredibly proud of the fact that we have guided and continue to guide hundreds of organizations through their digital transformation. Our company has also supported millions of daily users, and millions of managed documents in both the public and private sectors.